Matt Hogan told clients that MicroStrategy's Bitcoin roadmap represents a "real megatrend" poised to push more companies to adopt BTC as a reserve asset.

Matt Hogan, chief investment officer at Bitwise, expects an increase in the number of companies adding bitcoin (Bitcoin) into their Treasuries, driven by the impact of MicroStrategy and shifting regulatory headwinds in the U.S. under the administration of President-elect Donald Trump.

In search NoteHogan said the success of spot Bitcoin exchange-traded funds and increased adoption of cryptocurrencies in the United States helped dispel previous risks to Bitcoin's reputation.

Recent changes in accounting rules have provided additional incentives for companies considering adding Bitcoin to their balance sheets. In December, the FASB introduced new reporting requirements under ASU 2023-08.

The updated rules allow institutions to account for Bitcoin price declines while also adjusting their disclosures when the price rises. This represents a marked shift from previous rules, which required companies to treat Bitcoin as an intangible asset — meaning companies could only record price declines, with no provision indicating price increases.

If 70 companies are willing to add Bitcoin to their balance sheets, when, from an accounting perspective, it can literally only go down, imagine how many companies would add it to their balance sheets now. "Two hundred? Five hundred? A thousand?"

Matt Hogan, Head of IT at Bitwise

Hogan's memo was shared days before Trump's swearing-in, scheduled for January 20, and hours after MicroStrategy. Reinforced Mobilize your BTC. Michael Saylor, CEO of MicroStrategy, said the company owns about 450,000 bitcoins, valued at $43 billion, and plans to buy more.

In 2024, MicroStrategy spent $22 billion to acquire 258,320 Bitcoins – more than the total 218,829 Bitcoins produced by miners over the entire year. Saylor has indicated that his company intends to capture an additional $42 billion worth of Bitcoin, an amount representing approximately three years of newly mined Bitcoin supply.